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PA7-4(Algo)(Supplement 7A) Analyzing the Effects of the LIFO Inventory Method in a Perpetual ...

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Accounting

PA7-4(Algo)(Supplement 7A) Analyzing the Effects of the LIFO Inventory Method in a Perpetual
Inventory System [LO 7-S1]
Gladstone Company tracks the number of units purchased and sold throughout each accounting perlod but applies its inventory
costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the
following information at the end of the annual accounting period. December 31.
Calculate the cost of goods sold and ending inventory for Gladstone Company assuming it applies the LIFO cost method
perpetually at the time of each sale.
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